EFI board pulls proposal to exchange executives’ options - 22 June 2009

EFI board pulls proposal to exchange executives’ options

The board of directors at Electronics for Imaging apparently batted
1.000 at the company’s annual meeting Friday when all the directors
were reelected and all the proposals the board submitted to its
shareholders for a vote passed.

But the perfect record obscured the fact that the
board decided at the last minute to pull a proposal asking shareholders
to approve a one-time “fair-value” option exchange program for the
company’s top executives, according to a filing the company made with the SEC Monday.

The exchange would have allowed the officers to turn in underwater
stock option grants in exchange for a lesser number of restricted
shares. A similar proposal for all other employees remained on the
agenda and was OK’d by shareholders.

Was the exchange program for the top brass pulled because

more...http://www.siliconbeat.com/2009/06/22/efi-board-pulls-proposal-to-exchange-executives-options/